I had the misfortune today of getting on the phone with a dealer who wanted to sell me collectibles. He said NO ONE should be buying American Eagles because they will be confiscated. Anyone have any comments/insights on this? Thanks!

-- Diane (DDEsq2002@juno.com), October 06, 1999

Answers

Don't buy into that trot... the premiums are MUCH higher on numismatics and in y2k the premium you pay will fly out the window. Either way, are you going to allow YOUR property to be taken from you? The mutant that comes after my coins, will be treated the same as the idiot that thinks he'll get my 2nd amendment. Remember though, everyone knows of gold, silver and platinum as precious metals; let's not forget that brass, lead and cold blue steel.

-- Patrick (pmchenry@gradall.com), October 06, 1999.

Well that's what I said to him, that they wouldn't be confiscated if no one knows I have them but then he rattled off the 10 year prison term for not turning in gold when it has been called in. I didn't buy his line but then I was second guessing myself and I wanted to know what ya'll out there think about this. Thanks I appreciate it.

-- Diane (DDEsq2002@juno.com), October 06, 1999.

From what I understand, gold can be confiscated using the present EO doctrine. Platinum cannot as of yet.

-- a (a@a.a), October 06, 1999.

Fuggedaboudit. Collectibles are the epitome of the "greater fool" syndrome. The bid-ask spread is humonguous. The grading is arbitrary; when you buy it's MS-superXXXX (whatever they call it); when you sell it's MS-trash. So you get hit with a double whammy. There is a lot of estorice bull-shit associated with collectibles. Like if you have two coins identical in every respect, even to same amount of scratches undetectable except by magnifying glass, if one has been cleaned, that's a big demerit.

The whole thing is like collecting original art, Pokeman cards, or beanie babies.

Get well-known BULLION coins.

As to confiscation -- hey you sold them "a week ago." And, people aren't going to be so eager to stick their butts up in the air for a reaming, this time around, as they were in the 1930s. The people who own gold nowadays are a very aware minority as opposed to the mass of people who owned it in the 1930s.

-- A (A@AisA.com), October 06, 1999.

Thanks A. The price to buy 1 oz of the collectibles was $620. Seemed a bit high to me.

-- Diane (DDEsq2002@juno.com), October 06, 1999.

Go to www.certifiedmint.com for a well documented "de-bunking" of what is nothing more than a glorified protection racket to try to steer you into numismatic coins.

A good place to buy from is www.ajpm.com, but it always pays to shop around.

86 days.

-- Jack (jsprat@eld.~net), October 06, 1999.

Diane,

You've got a David Hall bug in your phone. Find you a reputable dealer in your area that will look you in the face when you speak to him, and hand you your gold and silver when you buy it. Silvertowne is good for 1/10 oz eagles at 37.00 and 1 oz silver eagles at 7.75.

-- space (bu@gold.rules), October 06, 1999.

Good, Diane.
Jack -- good lead -- I assume you meant this article?
http://www.certifiedmint.com/myths_lies.htm

-- A (A@AisA.com), October 06, 1999.

Has anyone else notice ajpm is selling, but they are no longer buying. I figure they are out of balance in orders, but it still kind of sucks. I hate when places are willing to sell to you at a premium, but cannot come to the plate when it comes to buying bullion back. Let's say I needed to sell some Eagles today, where can I go?

-- Bill (y2khippo@yahoo.com), October 06, 1999.

Bill: If they're selling, sooner or later they'll have to be buying.

-- cody (cody@y2ksurvive.com), October 06, 1999.

Bill: ajpm IS buying. I talked to them today. It says 0.00 because the market is so volatile they want you to call them up at the NY close and see what their bid is. Today they told me they'd buy for $339. Look at their web site under Gold Bullion and it states that procedure.

-- Diane (DDEsq2002@juno.com), October 06, 1999.

I would never buy a collectible. Also never buy from anyone calling you an anything that even smells of investment, NEVER, NEVER, NEVER.

-- goldbug (goldbug@mint.com), October 06, 1999.

Thanks for the advice Goldbug :)

-- Diane (DDEsq2002@juno.com), October 06, 1999.

One more time, Diane.

Just say no!

dave

-- dave (wootendave@hotmail.com), October 06, 1999.

Okie Dokie Dave... thanks!!! I knew I could depend on ya'll to steer me in the right direction!!!!! :)

-- Diane (DDEsq2002@juno.com), October 06, 1999.

For the spot price of gold:
http://mrci.com/qpnight.htm
http://www.kitco.com/gold. graph.html

For the spot price of silver:
http://www.kitco.com/sil ver.graph.html

For the spot price of platinum:
http://www.kitco.com/p latinum.graph.html

For U.S. Markets and stock quotes:
http://finance.yahoo.com/?u

For Major World Indices:
http://finance.yahoo.com/m2?u

Sincerely,
Stan Faryna

Got 14 days of preps? If not, get started now. Click here.

Click here and check out the TB2000 preparation forum.

-- Stan Faryna (faryna@groupmail.com), October 06, 1999.

Is Stan a Spammer?

-- Diane (DDEsq2002@juno.com), October 06, 1999.

Diane,

You can also get a good deal on gold or silver at:

www.tulving.com

Hannes has good prices, a good product, and free shipping if you buy in bulk.

-- Nabi (nabi7@yahoo.com), October 06, 1999.

Thanks for the info. I have not wanted to sell, but it's nice to see the price someone is willing to pay. Perhaps they should put "call" instead of 0.00 in the buy column. I noticed they did that with the sell price of silver eagles.

-- Bill (y2khippo@yahoo.com), October 06, 1999.

Diane, Since everyone else is offering... eaglesup.com my 'ol buddy Robby Noel has always delivered with competitive price

-- Patrick (pmchenry@gradall.com), October 06, 1999.

Thanks Nabi and Patrick. I appreciate the info! I know what you mean Bill. I wondered for a few days myself what the zeros meant. That was why I ended up calling them. I agree that something other than zero would be better. They seem fair to deal with, though. I think the volatility has taken many people by surprise.

-- Diane (DDEsq2002@juno.com), October 06, 1999.

I called AJPM and they are recommending Silver Rounds (made in USA) versus American Eagle Silver because it is less expensive and higher quality silver (I think). You get more for your money. Would people recognize rounds for barter? Any pros and cons please.

-- Debi (LongTimeLurker@shy.com), October 07, 1999.

For an interesting alternative, look at http://www.e-gold.com
You can deposit $ and get an account in gold/silver/platinum/palladium -- any combination. They take metal also. They have some metals in a form that small investors might like to have physically, but that is going fast -- they seem to be concentrating on getting into bars stored in Switzerland -- trying to get rid of the coins -- they're offering free shipping to get rid of the "small stuff". Look at both their "examiner" and "news" pages to get details on what I'm just outlining here.

-- A (A@AisA.com), October 07, 1999.

Debi,

I personally think that silver rounds (which state the silver content and purity on their face and look like coins) will be as accepted as Eagles after TSHTF. Now is the time to buy them; with gold going up as it has, silver will likely follow soon. My stash includes silver and gold in a ratio of about 3 to 1.

-- Nabi (nabi7@yahoo.com), October 07, 1999.

Nabi, Thanks so very much for your info on Silver rounds. I am buying them today and you have made me feel much better about it. Everyone always talks about Eagles and never about rounds so I was just wondering if there was something wrong with rounds. I have 1/3 split equal to cash/gold/silver then plus preps galore. I am happy!

-- Debi (LongTimeLurker@shy.com), October 07, 1999.

Glad I could be of some help, Debi. Good luck with everything...

-- Nabi (nabi7@yahoo.com), October 07, 1999.

Diane -

Stan is anything but a Spammer. Check the archives, or have a gander at one of his books over atAmazon.com. His posting of the "14 Day Preps" and such is a public service, to ensure that the maximum number of folks get the info.

-- Mac (sneak@lurk.hid), October 07, 1999.

Diane, and Debi,

I ditto all of the above. Collectibles are a fools game, if preping for hard times.

I might add, Brian at Southern Coins and Precious Metals has been honest and reliable for me. Check his prices at 800/662-2646. Oh, and send a certified check, time is short.

-- Scarecrow (outstanding@inmy.field), October 07, 1999.

Okay thanks for the info!!

-- Diane (DDEsq2002@juno.com), October 07, 1999.

I asked my dealer about the pros/cons of Gold Eagles vs. Suisse Bank bars (which are cheaper per oz. of gold). One tidbit he offered - which he said most dealers won't tell you - is that when you SELL the gold back, ANY foreign gold sales (which would include Canadian Maple Leaf coins, Suisse bank bars, and Chinese Pandas etc.) MUST be reported, but there is a loophole that allows Gold Eagles NOT to be reported - as long as you keep transactions under $10,000. The "spread" is usually less on Gold Eagles too. I have not confirmed this info with a second source. You might want to do that. Check out the info at his site. He claims to be the largest dealer on the west coast with the lowest prices... but of course check around.

Washington Square Coin Exchange

Interesting guy who is the owner.. Jim. Fascinating to talk to.. but pack a lunch. -bg-

-- Linda (lwmb@psln.com), October 08, 1999.

Want to save money on your preps? So do I. Click here and check out the COOP BUYING thread.

Sincerely,
Stan Faryna

Got 14 days of preps? If not, get started now. Click here.

Click here and check out the TB2000 preparation forum.

-- Stan Faryna (faryna@groupmail.com), October 08, 1999.